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‘Bipartisan’ Coalition Reach Agreement On $1.2 Trillion Infrastructure Bill

Courtesy of ZeroHedge View original post here.

A 'bipartisan' group of Senators on Wednesday have finally reached a deal on a $1.2 trillion "hard" infrastructure package, following 'weeks of long nights and endless Zoom calls,' according to Axios.

"We now have an agreement on the major issues," said Sen. Rob Portman (R-OH), lead GOP negotiator for a group of Republicans which includes Sens. Mitt Romney (R-UT), Bill Cassidy (R-LA) and Susan Collins (R-ME) – not exactly the MAGA majority of the party.

While Axios suggests it will likely be 'days' before the group finishes writing the bill, Portman says he expects to have the text hammered out by Wednesday night.

In response, Senate Majority Leader Chuck Schumer (D-NY) said on Wednesday that the Senate could vote as early as Wednesday night to advance the proposal - the second time they'll have done so on this procedural measure. Schumer added that he's prepared to keep the Senate in session over the weekend.

"It's time for everyone to get to yes," he said on Monday.

According to the report, "The deal is expected to cost $1.2 trillion over eight years, or $974 billion over five years, and offers more than $579 billion in new spending."

More via Axios:

Behind the scenes: The deal comes hours after Portman and White House counselor Steve Ricchetti huddled for hours at the Capitol Tuesday night hashing out the remaining sticking points of the bill.

  • The biggest problems revolved around transit policy and how to pay for the package, among other hurdles.
  • On Wednesday morning, Sens. Portman, Susan Collins (R-Maine), Mitt Romney (R-Utah), Bill Cassidy (R-La.) met with Senate Minority Leader Mitch McConnell (R-Ky.) in his office.
  • McConnell so far has taken a hands-off approach to the talks. This meeting signals the group is ready to bring him into the fold.

What's next: Schumer has made clear that both the bipartisan bill and the Senate's $3.5 trillion budget resolution need to pass prior to August recess, which as of now is still scheduled to begin in just two-and-a-half weeks.

 


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